@capytalmgmt @Macro_Insight_ A little late but still in time. Take a look at Towa Bank that is has bought back 4,6% of shares since july and tends to beat its own forecasts by a wide margin.
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Joost Klein Poelhuis
51 posts
Joost Klein Poelhuis
@joostklp
(Net net) value investor. I buy Japanese stocks
Katılım Temmuz 2014
176 Takip Edilen109 Takipçiler
@Macro_Insight_ I am already late on these names, they were trading at 6-7x P/E
China's Huishang Bank ($3698.HK) is even more insane at 3x P/E, too bad rates are going down in China and NIM is compressing
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A few more interesting Japanese regional banks driven by higher interest rates in Japan
The Oita Bank: 22% earnings growth, 55% dividend growth, 3% dividend yield, 10x P/E
The Hyakujushi Bank Ltd: 22% earnings growth, 49% dividend growth, 3% dividend yield, 10x P/E
Capytal Management@capytalmgmt
Starter position on this, should see benefits from a steeper JGB yield curve and higher rates Miyazaki Bank $8393.T
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If anyone likes to meet up and talk about net-nets or Japanese regional banks, I’ll be in Tokyo until next sunday!
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@AltayCapital They have just published their medium-term plans, which are rather disappointing given the absence of concrete initiatives to increase dividends or initiate share buybacks to bring PB >1
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@awealthofcs It looks crazy because it's in dollars. Take 8% off non US
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It really is crazy how much better the rest of the world is doing than the US stock market this year
Will it continue?
I don't know
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@AltayCapital The results have been amazing ever since the Yoshida family, which already had over 50% of voting power, increased its stake from 28,4% to 35,2% in late 2023.
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Wild how cheap some of these Japanese names are. Yoshicon (TYO 5280) reported today. Technically a net-net, but huge portion of current assets are RE held for sale.
Price: ¥1,723
FY2025 Results: ¥425
FY2026 Forecast: ¥451
BVPS: ¥3,907
Dividend: 4.6% (17.7% payout)
P/E: 3.8
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@AltayCapital @blondesnmoney Take a look at 8392 if you are looking for something similar to 8537, but with buybacks (I own both)
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@blondesnmoney Best part is govt seems to be encouraging consolidation finally. Seems like an easy bet. I picked some random omega cheap ones, but the ones buying back are probably better bets. I own 8537 and 7322. Small positions.
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@ArendJanKamp Op basis van P/B zijn Japanse banken veel goedkoper. Daarnaast zijn aanstaande renteverhogingen in Japan gunstig voor banken.
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Volgens Bloomberg zijn er duidelijke aanwijzingen (?) dat Warren Buffett aast op Japanse banken, verzekeraars en reders. Onze banken en verzekeraars zijn goedkoper (en kennen geen yen risico) bloomberg.com/news/articles/…
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Een andere blik op waardering dan alleen naar koers/winstverhouding te kijken.
Totale bedrijfswaarde (beurswaarde plus schuld) vs bedrijfsresultaat.
Europa van 6 naar 9
USA van 8 naar 16 (duurder dan in 2000)
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@itscharliemar About Shinnihon, are you conserned that future interest rises in Japan will hurt the housing market in Tokyo and hurt earnings?
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@KlaasRKremer @JudyJudyfirenze @annefleurdd @blondamsterdam Jij liep ook mee in de Jumbo WK-reclame zonder vragen te stelen.
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@JudyJudyfirenze @annefleurdd @blondamsterdam Djiezus Kraist. Helemaal niemand die even zei: "misschien toch maar even niet?"
Ik geloof er ook niks van.
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Blond Amsterdam verkoopt nu een 'Hollands Glorie' kom met illustraties van Sinterklaas en drop en vlaflip en.. een heel gelukkig kijkende Anne Frank. Wtf. Ik vind hier heel veel van. Totaal ongepast.
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We're recording our monthly Q&A podcast today. What investing questions do you have? What's on your mind?
$GEOFF
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@the_white_tig3r Why don’t you like 8392? Its the cheapest.
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Good to know! I just updated this week my watch list of regional banks.
Most interesting according to me:
8366
8359
7380
8600
8387
8344
baufinanciaphaster 👹@bauhiniacapital
For those who haven't been watching the last few months, Japanese regional banks have started doing the right thing. Kinda scary TBH - it could be a head fake. But they are benefiting from slight rate rises, divs are up. And they are buying back stock. Sometimes fiercely.
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As a poker community I think we should do something about the use and waste of plastic bags. Tens of thousands? Get used every trip. Even for moving less than 5 chips we tear up and throw away bags. There must be a better solution. We must do better. Zipped bags? No bags?
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@the_white_tig3r The stock has hardly moved, but the company is doing a great job recovering topline while keeping costs low. Are you still bullish?
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Lonseal Corporation (4224:JP) added to the Japanese basket. Better ROE than most net-nets, profitable in the last 10 yrs, pays a dividend. Trading at 0,8 x NCAV and 0,41 x NAV (lowest in the last 10 yrs).
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@Bas_vanderSande Meer dan 15.00 durf ik wel op in te zetten
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@McD_Investments @steel_brett Any idea what is happening these last two days with charle?
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@steel_brett Full disclosure: I changed my mind and added Charle (9885.T) to the portfolio. It is an extremely liquid net-net, and that is the whole reason I started investing in Japan in the first place. Thanks for bringing it back to my attention @steel_brett
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@ArendJanKamp @beursanalist (54,1*0,15)+(x*0,85)=18,9
gemiddelde winst multiple ex ASML=12,7
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@beursanalist Weet je dan toevallig ook de #AEX (18,9x verwachte winst) minus #ASML (54,1x) met 15% indexgewicht?
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De Amerikaanse markt heeft een waardering van 21 x de verwachte winst. De top 6 staat op 37,1. Die 6 zijn goed voor een kwart van de totale beurswaarde. De overige 75% heeft dus een bescheiden waardering van slechts 15,9.
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Mocht u nog wat rendement zoeken. Deze Evergrande lening loopt in novemeber af. U krijgt 434% op jaarbasis. NB dat zijn geen basispunten maar de rente.
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@beursanalist Als je het zo bekijkt viel de directe crash best mee.
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De relatieve performance MSCI Japan vs MSCI World. Allemaal in dezelfde valuta en met ontvangen dividend. Zo bekeken was de piek al in dec 88.
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@vanckzhu @SJHvalueinvest @ElementaryValue More than before they reach NCAV? Because in that case it would make more sence to screen for stocks that used to be netnets but have just recovered to ncav. I haven’t figured it out yet.
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@vanckzhu @SJHvalueinvest @ElementaryValue I guess a ‘one year holding period no matter what’ netnet strategy isn’t the worst for US stocks
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Did you ever place a limit buy order trying to get a stock 10% cheaper, the order doesn’t get filled, and the stock goes up 20x within a year?
Well here we go… $SPRT
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